City Of Round Rock: City Council Approves Zoning For The District

Round Rock TX

11 June, 2021

2:45 PM

Description

Press release from the City of Round Rock: June 10, 2021 Dynamic mixed-use development to include residential, retail and office space SH 45 just east of IH 35 The project is expected to include multifamily housing, hotels, offices, retail stores and restaurants and a grocery store.​ The open space master plan includes "livable" streets designed to heighten driver awareness of pedestrian activity, enhanced detention areas, greens, plazas and courtyards.​ The construction of the development will be split into phases. The design for the first phase, which is currently under review, includes a four-story office building with a parking garage and a retail building with a coffee shop. The City Council approved a development agreement with Mark IV Capital for the project in February 2019.  development agreement Mark IV Capital In return for the company building 1 million square feet of Class A office, retail and residential space, the City will contribute $12.56 million toward public infrastructure such as streets, sidewalks and utilities. At the time the agreement was signed, the City projected the development will generate over $1.5 million per year in tax revenues to the City upon completion.   The development is also expected to create 5,000 jobs when it is fully developed.  According to the agreement, Mark IV will have to reach the following performance milestones: 120,000 square feet completed by 2022; 250,000 square feet by 2029; and 1 million square feet by 2039. Mark IV would be required to repay the City if it fails to meet those performance measures.  The City will fund the infrastructure improvements with its half-cent, Type B sales tax revenues. Type B funds are limited specifically for economic development projects, including transportation improvements. Type B sales tax revenues Mark IV manages the Summit I and recently completed construction on Summit II office projects in La Frontera. Summit I Summit II This press release was produced by the City of Round Rock. The views expressed are the author's own.